Resorts in this article: Tamarack Resort
Tamarack Resort To Close Wednesday = Victim Of Economic Times
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It had such a bright future. Now, Tamarack Resort, 90 miles north of Boise, Idaho, is about to take a siesta; possibly for good. One of the west's newest resorts has notified employees that they would close up shop Wednesday March 4.
In receivership since last fall, the resort faced a mountain of foreclosure lawsuits and bankruptcy and just couldn't get in front of the eight ball.
It opened with promise in December 2004, but Tamarack, relying on real estate sales to grow and thrive, fell victim to the hard economic times. They defaulted on a $250 million loan last year but continued to operate on funds provided by the lender group that has been attempting to foreclose on the resort said news reports. But the well's run dry and Credit Suisse reportedly refused to reach a financing agreement that would keep the resort open.
Though the ski area itself will rest, some amenities like the public mountain bike trails, condos, and homes will be maintained. According to KTVB in Boise, the $6 million Osprey Meadows golf course at Tamarack will not reopen this spring, but to preserve the course for the future, the greens and fairways will be tended.
Tamarack's lenders, owners and manager will visit a judge to discuss its future Thursday, March 5. New owners have been sought since last year but so far no one has stepped up.
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The sad fact of the matter is that we will see a number of small to mid-sized resorts and ski areas in dire financial shape next season. It's tough to pay the bills with lift tickets and over-priced food.
There are only so many securely rich people to go around. Most of them already have their second or third homes in places like Stowe, Jackson Hole, Telluride, Vail, Aspen or Sun Valley. The rest of the resorts have to fight over the crumbs. The aspirational rich, the mid-level investment bankers, doctors, non-partner lawyers, etc., the people who might decide that a place like Tamarack was an affordable and acceptable alternative to one of the legacy resorts, have or will take a financial hit sufficient enough that medium sized places like Tamarack, Northstar and Schweitzer Basin will suffer for lack of real estate sales this year and next.